State audit shows city's '04 errors

"New Albany's 2004 finances show overdrawn funds and insufficient records, the state reports in an annual audit published this week. The 57-page document summarizes an assessment of the city's 'governmental activities,' 'business-type activities,' major funds and disbursement of federal grants. It reveals that nine city funds were overspent, including $2,897,556 from the general fund.". "A 'corrective action plan' compiled by city controller Kay Garry last month appears at the end of the document. It indicates that city accounting and records would be improved by 'summer 2006'".